The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Viatris Inc. (“Viatris” or the “Company”) (NASDAQ: VTRS) common stock between March 1, 2021 and February 25, 2022, inclusive (the “Class Period”). Viatris investors have until July 14, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On February 28, 2022, before the market opened, Viatris revealed that it had decided to undertake a global reshaping of its business, announcing that it had entered into an agreement to sell its biosimilars business to Biocon Biologics Limited and was seeking to divest additional business assets and focus on developing products in three core therapeutic areas as part of its reshaping. The same day, the Company announced disappointing guidance for fiscal year 2022, attributing the lower-than-expected numbers to competition around key core products and price deterioration in certain markets.
On this news, Viatris’s stock price fell $3.53, or 24.3%, to close at $11.01 per share on February 28, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was experiencing significantly more competition in its United States complex generics business than disclosed; (2) the Company was not able to effectively manage its base business erosion or create a stable revenue base; (3) despite being one of the Company’s only growth drivers, Viatris was actively planning to divest its biosimilars business in order to secure enough cash to let it purportedly meet its phase one goals; (4) Viatris was deviating from the business model it touted through the Class Period and undertaking a significant global reshaping of its business which would undermine its ability to achieve stable revenue growth; (5) the Company was anticipating less financial growth moving into 2022; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Viatris common stock during the Class Period, you may move the Court no later than July 14, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Viatris common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Viatris Inc. (VTRS) Investors